Brazil’s Congress just approved a complete regulatory framework for cryptocurrency markets in the country. Here’s everything that’s in it.
On Tuesday, Brazil’s Chamber of Deputies approved a landmark cryptocurrency legislation that sets the tone for how the country will regulate bitcoin.
Key aspects of the bill relate to the way “virtual assets” are defined and their possible local uses, who can provide services to the public and what are the penalties for fraud and money laundering that involve cryptocurrencies.
The bill had been discussed in Congress for seven years, but recent events in local and global markets, including the fall of prominent exchange FTX, placed urgency on its voting and subsequent approval.